财务管理专业英语topic .ppt
合集下载
财务管理专业英语最新版精品课件Topic 6
the stock contributes to the market portfolio.
i
i M
iM
•β0.5: Stock is only half as risky as the market, if held in a diversified
portfolio.
•β1.0: Stock is about as risky as the market, if held in a diversified portfolio.
What is Risk?
risk is usually estimated with the standard deviation, which is the square root of the variance of returns.
INTRODUCTION TO RISK AND RETURN
FINANCIAL MARKET EFFICIENCY
Three main factors associated with informational market efficiency
The type of information to which the market price reacts The speed at which the market price reacts to information The degree to which market participants over-or under-react to
Uncertainty • sensitivity analysis • scenario analysis Probability Normal distribution
财务管理ppt英文课件Chapter-3.ppt
100 106 112 118
Copyright 2001 Prentice-Hall, Inc.
12
Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz.
Slides prepared by Wu Xiaolan
Example - Simple Interest
Interest earned at a rate of 6% for five years on a principal balance of $100.
Today
Future Years
1 2345
Interest Earned 6
Value
100 106
Future Values
Example - Simple Interest
Example - Simple Interest
Interest earned at a rate of 6% for five years on a principal balance of $100.
Today
Future Years
1 2345
Interest Earned 6 6 6
Value
5
Fundamentals of Financial Management, 11/e by Van Horne and Wachowicz.
Slides prepared by Wu Xiaolan
Interest Rate Terminology
Simple interest refers to interest earned only on the
FinancialManagement财务管理,英文版.ppt
Copyright © 2001 by Harcourt, Inc.
All rights reserved.
19 - 16
The 11 Member Nations of the European Monetary Union
Austria Germany
Netherlands
Belgium Ireland
The U.S. dollar was tied to gold.
Other currencies were tied to the dollar.
Copyright © 2001 by Harcourt, Inc.
All rights reserved.
19 - 15
The European Monetary Union
on the product, what should the juice sell for in Japan?
Price = (1.75)(1.50)(111.11) = 291.66 yen.
Copyright © 2001 by Harcourt, Inc.
All rights reserved.
In 2002, the full implementation of the “euro” is expected to be complete. The national currencies of the 11 participating countries will be phased out in favor of the “euro.” The newly formed European Central Bank will control the monetary policy of the EMU.
财务管理专业英语PPT课件
2020/2/21
山东轻工业学院商学院
9
1）Account、Accounting & Accountant
Accountant：会计师、会计人员 Certified Public Accountant 注册会计师（CPA）
2020/2/21
山东轻工业学院商学院
10
2）Assets、Liabilities & Owner’s Equity
2020/2/21
山东轻工业学院商学院
16
Cash
$50,000 Current liabilities (4)
Accounts receivable 50,000 Long-term debt
(5)
Inventory
(1)
Shareholders’ equity (6)
Plant and equipment
10% Total assets turnover = 2 times Sales = $2 million Debt ratio = 50%
9. Capital Structure 资本结构
10. Dividend Policy 股利政策
11. Working Capital Management 营运资本管理
2020/2/21
山东轻工业学院商学院
5
一、Contents—内容
12. International Financial Management 国际财务管理
会计科目；账户
2020/2/21
山东轻工业学院商学院
8
1）Account、Accounting & Accountant
Accounting：会计、会计学 Financial Accounting and Managerial Accounting are two major specialized fields in Accounting. 财务会计和管理会计是会 计的两个主要的专门领域。 Accounting elements 会计要素
《财务管理专业英语》课件
CHAPTER
01
Introduction
Course Title: PPT courseware for Financial Management Professional English
Course Objective: To provide learners with the knowledge and skills required to communicate effectively in English about financial management concepts and practices
PPT courseware for Financial Management Profession
目录
contents
IntroductionFundamentals of Financial ManagementFinancial English Professional TerminologyFinancial Management Practice CasesFinancial English Reading and WritingEpilogue
Financing
A company raises funds through the issuance of stocks, bonds, or other means to expand its business, research and development, or other investment activities.
Summary: Exploring case studies of corporate fundraising decisions, involving the selection of fundraising methods, optimization of capital structure, and other aspects.
英文财务管理[1]
![英文财务管理[1]](https://img.taocdn.com/s3/m/2f8ca46ebb68a98271fefad0.png)
PPT文档演模板
英文财务管理[1]
Chapter 1 Goals and Governance of the Firm
Topics Covered： w Investment and Financing Decisions w What is a Corporation? w Who Is The Financial Manager? w Goals of the Corporation w Careers in Finance
fairly typical picture of the role of finance within a corporation.
企业、公司:（firm business enterprise company corporation venture）
PPT文档演模板
英文财务管理[1]
Organization of the Financial Management Function: Figure 1-1
balance sheet).
w What is the best type of financing? w What is the best financing mix? w What is the best dividend policy? w How will the funds be physically acquired?
w The top financial manager within a firm is usually the Chief Financial Officer (CFO)
Treasurer – oversees cash management, credit management, capital expenditures and financial planning ( planning its capital structure, for selling stocks and bonds to raise capital, for overseeing the corporate pension plan, and for managing risk)
财务管理专业英语第一章
1.2.1 Investment Decisions 1.2.1投资决策
Long-term investment decisiongs involve determining the type and amount of assets that the firm 长期投资决策 涉及确定公司希望持有的资产的类型和数量。 wants to hold. That is, investing concerns allocating or using funds. The financial manager makes 这就是说，投资包括配置或使用资金。 财务经理
The article translation 文章翻译
one another. Inverstment decisions typically affect financing decisions and vice versa. For example, 投资决策通常影响筹资决策，反之亦然。 例如， a decision to build a new plant or to buy new equipment requires other decisions on how to obtain the 新建厂房或购买新设备的决策要考虑如何获得项目需要的资金 funds needed to finance the project and to manage the asset once acquired. 和购买之后如何管理资产。
The article translation 文章翻译
Is the existing capital structure the right one ? 现有的资本结构是否正确？ How ang where should the firm raise money ? 公司怎样以及从哪里筹集资金？ Should the firm use funds raised through its revenues ? 公司是否应该通过收入筹集资金？ Should the firm raise money from outside the business ? 公司是否应通过业务以外筹集资金？ If the firm seeks external financing, should it bring in other oweners or borrow the money ? 如果公司寻求外部筹资，它应该增加所有者还是借钱？ The financial manager can obtain the needed funds for its investmrnts and operations either 财务经理可以从内部或外部得到其投资和运营所需的资金。 internally or externally.
财务管理英文课件Operating-and-Financial-Leverage.ppt
16-4
Impact of Operating Leverage on Profits
(in thousands) Firm F Firm V Firm 2F
Sales
$15
Operating Costs
$16.5 $29.25
Fixed
7
Variable
3
Operating Profit $ 5
Break-Even (Quantity) Point
Break-Even Point -- The sales volume required so that total revenues and total costs are equal; may be in units or in sales dollars.
volume.
When studying operating leverage, profits refers to operating profits before taxes (i.e., EBIT) and excludes
debt interest and dividend payments.
16-1
Operating Leverage
Operating Leverage -- The use of fixed operating costs by the firm.
One potential effect caused by the presence of operating leverage is that a change in the volume of sales results in a more than proportional change in operating profit (or loss).
Impact of Operating Leverage on Profits
(in thousands) Firm F Firm V Firm 2F
Sales
$15
Operating Costs
$16.5 $29.25
Fixed
7
Variable
3
Operating Profit $ 5
Break-Even (Quantity) Point
Break-Even Point -- The sales volume required so that total revenues and total costs are equal; may be in units or in sales dollars.
volume.
When studying operating leverage, profits refers to operating profits before taxes (i.e., EBIT) and excludes
debt interest and dividend payments.
16-1
Operating Leverage
Operating Leverage -- The use of fixed operating costs by the firm.
One potential effect caused by the presence of operating leverage is that a change in the volume of sales results in a more than proportional change in operating profit (or loss).
财务管理ppt英文课件Cha(4)
a
12
Limited Liability Company
• Advantages
– Limited liability
– Eliminates消除 double
taxation
– No restriction限制 on
number or type of owners
– Easier to raise additional capital
. partners have unlimited liability
a
7
Partnership
• Advantages
– Two or more owners – More capital available – Relatively easy to start – Low setup cost, higher than
75,000 100,000 34% 13,750 + .34x(Inc > 75,000)
100,000 335,000 39% 22,250 + .39x(Inc > 100,000)
335,000 10,000,000 34% 113,900 + .34x(Inc > 335,000)
10,000,000 15,000,000 35% 3,400,000 + .35x(Inc > 10,000,000)
a
14
Calculating Taxable Income
Income Statement
Sales
Costs
Depreciation折旧
100
EBIT息税前利润
500
Interest利息
《财务管理基础》英文ppt课件
Limited Partnership -- limited partners have liability limited to their capital contribution (investors only). At least one general partner is required and all general partners have unlimited liability.
2. Understand how to calculate a corporation's taxable income and how to determine the corporate tax rate - both average and marginal.
3. Understand various methods of depreciation. 4. Understand why acquiring assets through the use of debt
individual form
Disadvantages
• Unlimited liability • Hard to raise
additional capital • Transfer of
ownership difficulties
2-6
The Business Environment
Partnership -- A business form in which two or more individuals act as owners.
• Easy transfer of
• More diffiablish
• Unlimited life
• More expensive to
2. Understand how to calculate a corporation's taxable income and how to determine the corporate tax rate - both average and marginal.
3. Understand various methods of depreciation. 4. Understand why acquiring assets through the use of debt
individual form
Disadvantages
• Unlimited liability • Hard to raise
additional capital • Transfer of
ownership difficulties
2-6
The Business Environment
Partnership -- A business form in which two or more individuals act as owners.
• Easy transfer of
• More diffiablish
• Unlimited life
• More expensive to
财务管理英文版.ppt
210
Total Equity $1,139
Total Liab/Equitya,b $2,169
a. Note, Assets = Liabilities + Equity.
b. What BW owed and ownership position.
c. Owed to suppliers for goods and services.
d. Unpaid wages, salaries, etc.
e. Debts payable < 1 year. f. Debts payable > 1 year. g. Original investment. h. Earnings reinvested.
Basket Wonders’ Income Statement
Financial Statement Analysis
Financial Statements A Possible Framework for Analysis Balance Sheet Ratios Income Statement and Income
Statement/Balance Sheet Ratios Trend Analysis Common-Size and Index Analysis
Ⅰ.Primary Types of Financial Statements
Balance Sheet
A summary of a firm’s financial position on a given date that shows total assets = total liabilities + owners’ equity. Income Statement
财务管理ppt英文课件ChaPPT课件
.
8
Debt versus Equity
Generally, when a firm borrows it gives the bondholders first claim on the firm’s cash flow.
Thus shareholder’s equity is the residual difference between assets and liabilities.
Revenue – Expenses ≡ Income
.
5
The Balance Sheet
Current Assets
Net
Working Capital
Current Liabilities
Fixed Assets 1.Tangible fixed assets 2.Intangible fixed assets
.
2
Examples of Internal Uses of Statement Analysis
Plan -- Focus on assessing the current financial position and evaluating potential firm f Financial Statement Information
Internal uses:
➢ performance evaluation ➢ planning for the future
External uses:
➢ evaluation by outside parties ➢ evaluation of main competitors ➢ identifying potential takeover targets
【课件】4财务管理专业英语PPT
4.5 Profitability Ratios 盈利比率
4.6 Market Value Ratios 市场价值比率
4. Financial Ratio Analysis
4.7 Uses and Limitations of Financial Ratio Analysis 财务比率分析的使用和限制
4.2 Liquidity Ratios
Financial managers must pay close attention to liquidity ratios to ensure they reflect a high probability of the firm being able to promptly and fully pay its bills without undue stress.
4. Financial Ratio Analysis
4.1 Financial Ratio Analysis 财务比率分析
4.2 Liquidity Ratios 流动性比率
4.3 Debt Management Ratios 债务管理比率
4. Financial Ratio Analysis
4.4 Asset Management Ratios 资产管理比率
4.2 Liquidity Ratios
Net working capital to total assets ratio= Net working capital Total assets
净营运资本比总资产比率
4.2.1 Current ratio
Current ratio Current assets Current liabilities
4.6 Market Value Ratios 市场价值比率
4. Financial Ratio Analysis
4.7 Uses and Limitations of Financial Ratio Analysis 财务比率分析的使用和限制
4.2 Liquidity Ratios
Financial managers must pay close attention to liquidity ratios to ensure they reflect a high probability of the firm being able to promptly and fully pay its bills without undue stress.
4. Financial Ratio Analysis
4.1 Financial Ratio Analysis 财务比率分析
4.2 Liquidity Ratios 流动性比率
4.3 Debt Management Ratios 债务管理比率
4. Financial Ratio Analysis
4.4 Asset Management Ratios 资产管理比率
4.2 Liquidity Ratios
Net working capital to total assets ratio= Net working capital Total assets
净营运资本比总资产比率
4.2.1 Current ratio
Current ratio Current assets Current liabilities
财务管理培训课程英文版23页PPT.pptx
10- 1
Topics Covered
Measuring Beta Portfolio Betas CAPM and Expected Return Security Market Line Capital Budgeting and Project Risk
Irwin/McGraw-Hill
©The McGraw-Hill Companies, Inc.,2001
T u rb o R etu rn % + 0 .8 + 1 .8 - 0 .2 - 1 .8 + 0 .2 - 0 .8
Irwin/McGraw-Hill
©The McGraw-Hill Companies, Inc.,2001
10- 6
Measuring Market Risk
Example - continued
10- 12
Measuring Market Risk
Security Market Line - The graphic representation of the CAPM.
40
Expected Return (%) .
Rm 20
Rf 0 0
Irwin/McGraw-Hill
Security Market Line
When the market was down 1%, Turbo average % change was -0.8%
The average change of 1.6 % (-0.8 to 0.8) divided by the 2% (-1.0 to 1.0) change in the market produces a beta of 0.8.
Irwin/McGraw-Hill
Topics Covered
Measuring Beta Portfolio Betas CAPM and Expected Return Security Market Line Capital Budgeting and Project Risk
Irwin/McGraw-Hill
©The McGraw-Hill Companies, Inc.,2001
T u rb o R etu rn % + 0 .8 + 1 .8 - 0 .2 - 1 .8 + 0 .2 - 0 .8
Irwin/McGraw-Hill
©The McGraw-Hill Companies, Inc.,2001
10- 6
Measuring Market Risk
Example - continued
10- 12
Measuring Market Risk
Security Market Line - The graphic representation of the CAPM.
40
Expected Return (%) .
Rm 20
Rf 0 0
Irwin/McGraw-Hill
Security Market Line
When the market was down 1%, Turbo average % change was -0.8%
The average change of 1.6 % (-0.8 to 0.8) divided by the 2% (-1.0 to 1.0) change in the market produces a beta of 0.8.
Irwin/McGraw-Hill
财务管理 英文版PPT课件
1
Chapter
The Goals and Functions of Financial Management
Copyright © 2008 by The McGraw-Hill CompanieMs, IcnGc.rAalwl r-iHghitlsl/rIerswerivned.
Chapter Outline
– Cash and inventory management – Capital structure theory – Dividend policy
1-5
Modern Issues in Finance
• Focus has been on:
– Risk-return relationships – Maximization of return for a given level of risk – Portfolio management – Capital structure theory
– Income statements – Balance sheets – Statement of cash flows
• Finance links economic theory with the numbers of accounting
1-3
Evolution of the Field of Finance
• At the turn of the century: Emerged as a field separate from economics
• By 1930s: Financial practices revolved around such topics as:
– Preservation of capital – Maintenance of liquidity – Reorganization of financially troubled
Chapter
The Goals and Functions of Financial Management
Copyright © 2008 by The McGraw-Hill CompanieMs, IcnGc.rAalwl r-iHghitlsl/rIerswerivned.
Chapter Outline
– Cash and inventory management – Capital structure theory – Dividend policy
1-5
Modern Issues in Finance
• Focus has been on:
– Risk-return relationships – Maximization of return for a given level of risk – Portfolio management – Capital structure theory
– Income statements – Balance sheets – Statement of cash flows
• Finance links economic theory with the numbers of accounting
1-3
Evolution of the Field of Finance
• At the turn of the century: Emerged as a field separate from economics
• By 1930s: Financial practices revolved around such topics as:
– Preservation of capital – Maintenance of liquidity – Reorganization of financially troubled
财务管理英文版(PPT 60页)
13-2
13-3
Proposed Project Data
Julie Miller is evaluating a new project for her firm, Basket Wonders (BW).
She has determined that the after-tax cash flows for the project will be
$40,000 = $10,000(.909) + $12,000(.826) + $15,000(.751) + $10,000(.683) + $ 7,000(.621)
$40,000 = $9,090 + $9,912 + $11,265 + $6,830 + $4,347
= $41,444 [Rate is too low!!]
$1,444 $4,603
X
$1,444
.05 = $4,603
13-15
IRR Solution (Interpolate)
X .05
.10 $41,444 IRR $40,000 .15 $36,841
$1,444 $4,603
X
$1,444
.05 = $4,603
13-16
IRR Solution (Interpolate)
13-13
IRR Solution (Try 15%)
$40,000 = $10,000(PVIF15%,1) + $12,000(PVIF15%,2) + $15,000(PVIF15%,3) + $10,000(PVIF15%,4) + $ 7,000(PVIF15%,5)
13-3
Proposed Project Data
Julie Miller is evaluating a new project for her firm, Basket Wonders (BW).
She has determined that the after-tax cash flows for the project will be
$40,000 = $10,000(.909) + $12,000(.826) + $15,000(.751) + $10,000(.683) + $ 7,000(.621)
$40,000 = $9,090 + $9,912 + $11,265 + $6,830 + $4,347
= $41,444 [Rate is too low!!]
$1,444 $4,603
X
$1,444
.05 = $4,603
13-15
IRR Solution (Interpolate)
X .05
.10 $41,444 IRR $40,000 .15 $36,841
$1,444 $4,603
X
$1,444
.05 = $4,603
13-16
IRR Solution (Interpolate)
13-13
IRR Solution (Try 15%)
$40,000 = $10,000(PVIF15%,1) + $12,000(PVIF15%,2) + $15,000(PVIF15%,3) + $10,000(PVIF15%,4) + $ 7,000(PVIF15%,5)
《财务管理英》PPT幻灯片
Slide: 1 - 3
Business failures during the Great Depression of the 1930s helped change the focus of finance.
Increased emphasis was placed on bankruptcy, liquidity management and avoidance of financial problems.
Profit maximisation functions largely as a theoretical goal.
Slide: 1 - 6
Typical Finance Structure
Chief Financial Officer
Chief Accountant
Corporate Treasurer
Copyright © 2003 Pearson Education Australia Pty Limited
Early 20th century:
Concentrated on reporting to outsiders.
Early 21st century:
Insiders managing and controlling
the firm’s fiBiblioteka ancial operations.
Copyright © 2003 Pearson Education Australia Pty Limited
Slide: 1 - 2
At the turn of the twentieth century financial topics focused on the formation of new companies and their legal regulation and the process of raising funds in the capital markets.
- 1、下载文档前请自行甄别文档内容的完整性，平台不提供额外的编辑、内容补充、找答案等附加服务。
- 2、"仅部分预览"的文档,不可在线预览部分如存在完整性等问题,可反馈申请退款(可完整预览的文档不适用该条件!)。
- 3、如文档侵犯您的权益，请联系客服反馈,我们会尽快为您处理(人工客服工作时间：9:00-18:30)。
have a better understanding of the types of business organization、corporate structure of the company、objectives of financial management、separation of ownership and control、agency relationships.
proprietorship（所有权） A sole proprietorship is a business owned by one person. It is the classic example of entrepreneur. 单一业主指一人拥有公司，它是企业家经营的典型模式。
4.partnership 合伙制企业
Maximize the stakeholders’ wealth (相关利益者财富最大化)
Maximize the value of the firm (or the shareholders’ wealth) (企业价值最大化或股东财富最大化)
Mini CMasinei case
In 1990, two of General Motor’s largest institutional shareholders, unhappy with the company’s declining market share and profits during the 1980s, sought to talk to GM’s leaders about a successor to the retiring CEO. GM’s senior managers rebuffed the shareholders. They could do that because the two large stockholders each owned less than 1% of the company’s stock.
这是美国主流的公司治理模式，股权的分散化使得决 策权从股东转向了职业经理。这种公司治理机制是利弊互 现的，即公司管理的职业经理化与代理成本的存在。那么 在以后设计出的种种公司治理机制就是为了减少公司代理 成本。
Words Study
1.business 企业，商业 business circle 企业界 2.financial risk 财务(金融)风险 There is no financial risk in selling to East European countries on credit. 向东欧国家赊销没有财务风险。 3.sole proprietorship 私人业主制企业
partner 合伙人
limited partnership 有限合伙制企业 general partner
一般合伙人
A partnership may have unlimited liability as well as limited
liability.
合营可以是无限责任也可以是有限责任。
5.separation of ownership and control 所有权与经营权分离
The reason of the agency relationshnership and control. 代理关系产生的原因就是所有权与经营权的分离。
Unit 2: Introduction to Financial Management(2)
Teaching objectives:
After learning this section, the students are reqiured to:
grasp some important words and expressions;
Wisdom
How do we want the firms in our economy to measure their own performance? How do we want them to determine what is better versus worse? Most economists would answer simply that managers have a criterion for evaluating performance and deciding between alternative courses of action, and that the criterion should be maximization of the long-term market value of the firm .This Value Maximization proposition has its roots in 200 years of research in economics and finance.
Read the mini case and think:
Why can the GM’s senior managers rebuff the shareholders?
1990年，通用汽车公司的两个最大的机构投资者股东， 因为对公司在20世纪80年代的市场份额减少、利润下降 及公司业绩欠佳不满，试图借总裁退休，在继任者的选择 问题上发表自己的意见，但他们的要求遭到公司管理层的 断然拒绝。公司管理层的反对之所以有效，是因为这两个 最大股东所持有公司股票的份额都不超过1%。这就是公 司所有权分散、公司经理主导的美国公司治理模式的特点。
——Michael C Jensen
What’s the objection of financial
management?
The objection of financial management
Maximize the profit (revenue) of the firm (利润最大化)
proprietorship（所有权） A sole proprietorship is a business owned by one person. It is the classic example of entrepreneur. 单一业主指一人拥有公司，它是企业家经营的典型模式。
4.partnership 合伙制企业
Maximize the stakeholders’ wealth (相关利益者财富最大化)
Maximize the value of the firm (or the shareholders’ wealth) (企业价值最大化或股东财富最大化)
Mini CMasinei case
In 1990, two of General Motor’s largest institutional shareholders, unhappy with the company’s declining market share and profits during the 1980s, sought to talk to GM’s leaders about a successor to the retiring CEO. GM’s senior managers rebuffed the shareholders. They could do that because the two large stockholders each owned less than 1% of the company’s stock.
这是美国主流的公司治理模式，股权的分散化使得决 策权从股东转向了职业经理。这种公司治理机制是利弊互 现的，即公司管理的职业经理化与代理成本的存在。那么 在以后设计出的种种公司治理机制就是为了减少公司代理 成本。
Words Study
1.business 企业，商业 business circle 企业界 2.financial risk 财务(金融)风险 There is no financial risk in selling to East European countries on credit. 向东欧国家赊销没有财务风险。 3.sole proprietorship 私人业主制企业
partner 合伙人
limited partnership 有限合伙制企业 general partner
一般合伙人
A partnership may have unlimited liability as well as limited
liability.
合营可以是无限责任也可以是有限责任。
5.separation of ownership and control 所有权与经营权分离
The reason of the agency relationshnership and control. 代理关系产生的原因就是所有权与经营权的分离。
Unit 2: Introduction to Financial Management(2)
Teaching objectives:
After learning this section, the students are reqiured to:
grasp some important words and expressions;
Wisdom
How do we want the firms in our economy to measure their own performance? How do we want them to determine what is better versus worse? Most economists would answer simply that managers have a criterion for evaluating performance and deciding between alternative courses of action, and that the criterion should be maximization of the long-term market value of the firm .This Value Maximization proposition has its roots in 200 years of research in economics and finance.
Read the mini case and think:
Why can the GM’s senior managers rebuff the shareholders?
1990年，通用汽车公司的两个最大的机构投资者股东， 因为对公司在20世纪80年代的市场份额减少、利润下降 及公司业绩欠佳不满，试图借总裁退休，在继任者的选择 问题上发表自己的意见，但他们的要求遭到公司管理层的 断然拒绝。公司管理层的反对之所以有效，是因为这两个 最大股东所持有公司股票的份额都不超过1%。这就是公 司所有权分散、公司经理主导的美国公司治理模式的特点。
——Michael C Jensen
What’s the objection of financial
management?
The objection of financial management
Maximize the profit (revenue) of the firm (利润最大化)